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Combined Guarantor Subsidiaries - Mortgage Notes Payable, Net (Tables)

3 Months Ended

Mar. 31, 2020

Condensed Financial Statements Captions [Line Items]

Schedule of Net Mortgage Notes Payable

Net mortgage and other indebtedness consisted of the following:

		March 31, 2020								December 31, 2019
		Amount				Weighted- Average Interest Rate (1)				Amount				Weighted- Average Interest Rate (1)
Fixed-rate debt:
Non-recourse loans on operating Properties		$	1,236,179				5.19	%		$	1,330,561				5.27	%
Senior unsecured notes due 2023 (2)			448,016				5.25	%			447,894				5.25	%
Senior unsecured notes due 2024 (3)			299,962				4.60	%			299,960				4.60	%
Senior unsecured notes due 2026 (4)			617,692				5.95	%			617,473				5.95	%
Total fixed-rate debt			2,601,849				5.31	%			2,695,888				5.35	%
Variable-rate debt:
Recourse loan on operating Property			41,500				4.23	%			41,950				4.34	%
Construction loan			29,400				4.42	%			29,400				4.60	%
Secured line of credit			675,925				3.83	%			310,925				3.94	%
Secured term loan			456,250				3.83	%			465,000				3.94	%
Total variable-rate debt			1,203,075				3.86	%			847,275				3.98	%
Total fixed-rate and variable-rate debt			3,804,924				4.85	%			3,543,163				5.02	%
Unamortized deferred financing costs			( 15,232	)							( 16,148	)
Total mortgage and other indebtedness, net		$	3,789,692							$	3,527,015

(1) Weighted-average interest rate includes the effect of debt premiums and discounts, but excludes amortization of deferred financing costs.

(2) The balance is net of an unamortized discount of $1,984 and $2,106 as of March 31, 2020 and December 31, 2019, respectively.

(3) The balance is net of an unamortized discount of $38 and $40 as of March 31, 2020 and December 31, 2019, respectively.

(4) The balance is net of an unamortized discount of $7,308 and $7,527 as of March 31, 2020 and December 31, 2019, respectively.

Description		Issued (1)		Amount				Interest Rate				Maturity Date (2)
2023 Notes		November 2013		$	450,000				5.25	%		December 2023
2024 Notes		October 2014			300,000				4.60	%		October 2024
2026 Notes		December 2016 / September 2017			625,000				5.95	%		December 2026

(1) Issued by the Operating Partnership. CBL is a limited guarantor of the Operating Partnership's obligations under the Notes as described above.

( 2 ) The Notes are redeemable at the Operating Partnership's election, in whole or in part from time to time, on not less than 30 days and not more than 60 days' notice to the holders of the Notes to be redeemed. The 2026 Notes, the 2024 Notes and the 2023 Notes may be redeemed prior to September 15, 2026, July 15, 2024, and September 1, 2023, respectively, for cash at a redemption price equal to the aggregate principal amount of the Notes to be redeemed, plus accrued and unpaid interest to, but not including, the redemption date and a make-whole premium calculated in accordance with the indenture. On or after the respective dates noted above, the Notes are redeemable for cash at a redemption price equal to the aggregate principal amount of the Notes to be redeemed plus accrued and unpaid interest. If redeemed prior to the respective dates noted above, each issuance of Notes is redeemable at the treasury rate plus 0.50%, 0.35% and 0.40% for the 2026 Notes, the 2024 Notes and the 2023 Notes, respectively.

Schedule of Principal Repayments

As of March 31, 2020, the scheduled principal amortization and balloon payments of the Company’s consolidated debt, excluding extensions available at the Company’s option, on all mortgage and other indebtedness, including construction loans and the secured line of credit, are as follows: 

2020 (1)		$	118,560
2021			557,328
2022			465,455
2023			1,491,825
2024			341,398
2025			36,105
Thereafter			711,636
			3,722,307
Net unamortized discounts and premium			( 9,330	)
Unamortized deferred financing costs			( 15,232	)
Principal balance of loan secured by Lender Malls in default (2)			91,947
Total mortgage and other indebtedness, net		$	3,789,692

(1 ) Reflects payments for the fiscal period April 1, 2020 through December 31, 2020.

( 2 ) Represents the aggregate principal balance as of March 31, 2020 of two non-recourse loans, secured by Greenbrier Mall and Hickory Point Mall, which were in default. The loans secured by Greenbrier Mall and Hickory Point Mall matured in December 2019.

Guarantor Subsidiaries

Condensed Financial Statements Captions [Line Items]

Schedule of Net Mortgage Notes Payable

Mortgage notes payable, net, consisted of the following:

		Interest Rate (1)				Maturity Date		March 31, 2020				December 31, 2019
Property
Greenbrier Mall (2)		5.41%				Dec-19		$	64,501			$	64,801
Park Plaza		5.28%				Apr-21			77,577				78,339
Arbor Place		5.10%				May-22			106,239				106,851
Total mortgage notes payable		5.23%							248,317				249,991
Unamortized deferred financing costs									( 94	)			( 112	)
Total mortgage notes payable, net								$	248,223			$	249,879

(1) Weighted-average interest rate includes the effect of debt premiums and discounts, but excludes amortization of deferred financing costs.

( 2 ) The non-recourse loan is in default. The default interest rate is an additional 3.00% above the stated interest rate.

Schedule of Principal Repayments

As of March 31, 2020, the scheduled principal amortization and balloon payments of the Combined Guarantor Subsidiaries' mortgage notes payable, excluding extensions available at the Combined Guarantor Subsidiaries' option, are as follows: 

2020 (1)		$	4,200
2021			77,844
2022			101,772
			183,816
Unamortized deferred financing costs			( 94	)
Principal balance of loan secured by Greenbrier Mall			64,501
Total mortgage notes payable, net		$	248,223

(1) Reflects payments for the fiscal period April 1, 2020 through December 31, 2020.

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